Presumably this buying opportunity will last another week or two when considering the L2 activity. I think we are in oversold territory with supply being a bit high in the near term. At my fund we are anticipating a further pull back based on the technicals, ready to keep buying over here.
Me neither. The chart doesn´t support a break below 0.04. MA50 and MA200 are above, around 0.042. Short-term upward channel is intact and the lower boundary has been touched on Friday. But who knows for sure, maybe MM games bring it there to shake out the doubters.....
I agree...the pull backs we have seen over the past few days have been on paltry and diminishing volume. Just what you want to see during a consolidation period.
Check out the MFI and A/D lines. We may briefly be in consolidation mode, but it is clear that peeps are loading here ahead of the next move.